Swiss Economy Expands

According to the state secretariat for economic affairs, the Swiss economy expanded by 0.6% in the January-to-March quarter of 2018, Forexfocus reported. The numbers more or less aligned with those in the previous three quarters, while exceeding market expectations of a 0.5% growth. For the year, the economy advanced by 2.2%, higher than the 1.9% reported in the last quarter but below market consensus of a 2.3% growth. The Swiss economy has been setting a positive growth trajectory since the start of 2017, especially after the country slipped into contraction in the last quarter of 2016, with fourth-quarter 2016 growth numbers coming in at -0.1%. The economy has since rebounded, with the country’s third-quarter 2017 gross domestic product growth rising to its highest level since the last quarter of 2014. The first-quarter growth numbers indicate a positive start to this year. The unemployment rate witnessed a steady decline, reaching one of its lowest levels in April. The external sector, too, benefitted from a weaker domestic currency against the euro in the period from January to March, while exports registered a double-digit surge.